UKX FTSE 100 Index

By Victor Reklaitis, MarketWatch

Kraft Heinz Co. withdrew bid for Unilever over weekend

U.K. stocks showed little change Monday, with the main benchmark weighed down by a drop in Unilever PLC shares after Kraft Heinz Co. withdrew its bid for the consumer goods giant.

The FTSE 100 was roughly flat at 7,298. The gauge last week gained 0.6%, putting it around a one-month high.

"It would appear we're still in a kind of trance at the moment whereby equity markets continue to shuffle higher in the hope that Donald Trump will deliver on his fiscal stimulus, tax and deregulation plans," said Craig Erlam, senior market analyst at Oanda, in a note.

But Erlam said he sees no conviction in the recent steps higher, and "we're nearing the point at which investors may start demanding something a little more concrete."

Trading was expected to be somewhat subdued Monday, given U.S. markets are closed for Presidents Day (http://www.marketwatch.com/story/which-markets-will-be-closed-on-presidents-day-2017-02-16).

(http://projects.marketwatch.com/2017/trump-today-signup/)

Movers: Shares in Unilever PLC (ULVR.LN) (ULVR.LN) (UNA.AE) fell 7% after American rival Kraft Heinz Co. (KHC) on Sunday dropped its $143 billion offer (http://www.marketwatch.com/story/kraft-heinz-withdraws-bid-for-unilever-2017-02-19) for the Anglo-Dutch consumer goods giant.

Shares in Royal Bank of Scotland PLC (RBS.LN) (RBS.LN) gained 4% following news the bank might not sell its Williams & Glyn business (http://www.marketwatch.com/story/rbs-may-forgo-williams-glyn-sale-2017-02-20). RBS had agreed to the sale during the financial crisis, but it has proved troublesome.

The pound was trading at $1.2473, up from $1.2421 late Friday, as traders braced for debate in the House of Lords over the Brexit bill. The bill would keep the U.K. on course to leave the European Union, and the Lords are expected to offer amendments but not stop the triggering of Article 50, the formal start to talks on the withdrawal.

(END) Dow Jones Newswires

February 20, 2017 04:40 ET (09:40 GMT)

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